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Trustees’ Report and Financial Statements For the year ended 31 December 2024 Charity Number: 1048589 Company Number: 03034557
## CONTENTS
|Legal and administrative information|03|
|---|---|
|Trustees’ report|04|
|Our Vision and Purpose|05|
|Chair Welcome|06|
|Chief Executive Welcome|07|
|OurWork and Impact|09|
|Governance and Management|Zi|
|Financial Review|30|
|Statement ofTrustees’ responsibilities|53|
|Independent auditor's report|34|
|Statement offinancial activities|oie|
|Balance sheet|40|
|Statement of cash flows|A|
|Notestothefinancialstatements|42|
2
## Trustees
Helen Boaden Mark Hews Nigel Benwell Ruth Cairnie David Gregson Dame Martina Milburn DCVO CBE Vijaya Nath Shabir Randeree Sir Matthew Rycroft KCMG CBE Major-General (retired) Bill Wright CBE
Chair Treasurer Chair of CAFE (resigned Dec 2024)
## (joined Feb 2024)
Patron Vice Admiral Sir Tim Laurence Charity number 1048589 Company number 03034557 Registered office 120-125 Peascod Street Windsor SL4 1DP Auditor Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 OUX Bankers CAF Bank Ltd 5 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
3
## TRUSTEES’ REPORT
The Trustees present their report and financial statements for the year ended 31 December 2024. The Trustees report also contains the director's report as required by Company Law. The financial statements have been prepared in accordance with the policies set out in note 1 of the financial statements and comply with the charitable company’s constitution, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019)".
4
TRUSTEES’ REPORT
Windsor Leadership is a registered charity dedicated to improving the quality of leadership across the public, private, and not-for-profit sectors in the UK.
- Our belief is that values-centred, responsible leadership has the power to change the world.
- * Our purpose is to inspire and challenge the leaders of today and tomorrow to transform themselves, their organisations and society for the better.
- * To achieve this, we run experience-based development programmes and continuing development opportunities for leaders, delivered by experienced professionals, to create exceptional leaders, leadingfor good.
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TRUSTEES’ REPORT
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HELEN BOADEN
Throughout 2024, we have been paying evenntindi —" Ee
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our democratic values. A
During our thirty years years of existence, existence,
we've honed our model of leadership leadership
transformation, known as the Windsor Way. Way. and its impact on good leadership. And we
We know that that it works works but articulating the the must continue to demonstrate commitment
experience can be difficult. With that in to the values we embody and stand by.
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During our thirty years years of existence, existence, we've honed our model of leadership leadership transformation, known as the Windsor Way. Way. We know that that it works works but articulating the the experience can be difficult. With that in mind, we are developing a piece of “thought leadership” about our model and its impact.
|The success Windsor Leadership has enjoyed over the past year could not have happened without the ambition and experience of[[Jonathan]][[Story][ and]][[ and]][[his]][small] but very very dedicated team. Nor could it have = been been delivered without our our highly skilled and generous generous Facilitators who give who give give their time voluntarily. In a similar vein, we thank Our Chairs and Speakers and our colleagues at St George's House and Cumberland Lodge. As Chair, | am am especially grateful for the the support of my my clever, challenging and delightful Board colleagues who unfailingly go the extra mile for Windsor. We mark the departure of Trustee, Trustee, Dame Ruth Cairnie, who stepped down from from the Board in 2024. We miss her thoughtful thoughtful contribution.
In practical terms, we are applying our have happened without the ambition model to fresh areas of leadership. As well experience of[[Jonathan]][[Story][ and]][[ and]][[his]] as our regular leadership programmes, we but very very dedicated team. Nor could it have continued to build on the delicate and = been been delivered without our our highly skilled difficult work of bringing together religious | and generous generous Facilitators who give who give give their and civic leaders whose communities are time voluntarily. In a similar vein, we seemingly locked in conflict. In an effortto Our Chairs and Speakers and our touch such communities nationwide, this at St George's House and Cumberland year we based one programme in Yorkshire Lodge. and learned a great deal about the As Chair, | am am especially grateful for the the challenges facing faith leaders ina regional support of my my clever, challenging and environment. delightful Board colleagues who
We are also focussed on the rising departure of Trustee, Trustee, Dame Ruth Cairnie, generation of young leaders. We have who stepped down from from the Board in 2024. launched a brand new programme aimed We miss her thoughtful thoughtful contribution. at those at the very start of their leadership. We also invited members of Gen Z to talk Finally, | would like to thank our Patron, to a masterclass for our Facilitators and we — Vice Admiral Sir Tim Laurence. He is have appointed two young leaders to join consistently interested, solidly supportive our board. We will no doubt benefit from and wryly humorous which is an impeccable their experience and insights. combination.
As we proudly celebrate 30 years of Windsor Leadership, we need to be relentlessly curious about the fast changing world
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TRUSTEES’ REPORT
## JONATHAN STORY
The complexity of leadership never eases, vow and Windsor Leadership’s role for positive and supportive leadership development continues to be hugely relevant across society. v We have had a very successful year, hosting & i (e") over 300 new participants across all sectors “™% and all levels of senior leadership. We have \-- > also welcomed back numerous alumni onto the core programmes, offering the same safe and open environment from which \ they benefitted so much the first time they | participated. | That safe space was crucial to an evolutionary programme that we designed Consuftation, which exolored how early in 2024, in response to the increasing communication and trust were crucial to levels of tension among faith communities , gleein this country, mentioned; by Helen in her engagement698 with YOUNBETyounger PEOP le. opening. This was attended by Muslim, Empathy is now seen as the top word ee Sn Tat SAEs: a associated with Responsible Leadership, eruietal te have such dean P and hanes according to a survey we conducted last ; conversations, a. year for our new leadership book, ‘Inspire, like that only an organisation Discover, Transform’. Other key words were Windsor Leadership could provide. His ’ , ; - d ili originalMajestySaerneee Theinitiative King and was behindafter the much programme of the pureeof our mostmasersenior; haseleaders; ancontributehant tedto “ he . the book, which we published in November welcomed someofthe participants to f the | h of h . Buckingham Palace, to hear first-hand just as ae : ‘ ned ° alc aut ie now el ae _ we and beneficial. the year.anecdot Th **e** sy and shared quotescompelling and the insights, book is pROpraMiths Mad Deen: available to all. orosrammes iicoehewetec, In preparation of the upcoming celebratory ; ; NG , events in 2025, we have invested heavily 5 til eccinests Bie tall wetworteand in our IT infrastructure, and introduced other faith groups Leaders from these some new on-going learning opportunities, prograrnrries all a a direct inpeccen sur including our Leadership Labs and Fireside ; ; ; Chats. We also successfully launched a new widerExceptionalsociety, Leaders,and epitomise Leading forour Goodvision for programme, Future Leaders, which; supports ’ our need to focus on upcoming leaders and Community, Leadership, has been a YOUNBETounger &generations. as the grownachelenget eonortantey of We continued to provide first class webinars leadingoes intergenerational; teams. This was a and P podcasts from some of the country’sry key feature of discussions within our most 7 senior programme, the Strategic Leaders
TRUSTEES’ REPORT
most senior leaders, and our Coaching As the world becomes more complex, and Working Groups continued to grow. our role in developing responsible and We welcomed our new Leadership resourceful leaders grows in magnitude Development Director, Dr Edmund Newell, —_each year, and our vision of Exceptional in September and look forward to his Leaders, Leading for Good has never influence in taking themes and ongoing seemed more important. development for our alumni even further.
| remain eternally grateful to our dedicated volunteers who unwaveringly support our programmes, and | want to thank our sponsors, from the individual to government and corporate organisations, all of whom contribute to our bursary fund. Without them, we could not welcome as many charity and not-for-profit leaders as we do, and 2024 saw us support these leaders with our biggest annual investment from bursary funding to date, at £291,698.
Our programmes continue to remain full, which means we are maximising the opportunity to have as positive an influence on as many senior leaders as we can. We will be re-engaging with past participants throughout our 2025 events and expanding our alumni community as we introduce new development opportunities.
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We deliver leadership development through three areas of activity:
To develop exceptional and responsible leaders leading for good, we focus our work on four areas of responsibility, to:
## Core programmes
These two-part programmes cater for leaders from a wide range of sectors at similar stages in their careers, including a programme specifically for women in leadership. Programmes are residential, hybrid or online and held in two parts, normally six months apart.
- ¢ Selfby ensuring our alumni are as effective as they can possibly be through self-awareness and self-care.
- e The organisation - by ensuring our alumni utilise their Windsor Leadership experience for the benefit of their organisations.
## Bespoke programmes
These programmes for individual organisations, are tailor-made to their specific requirements. They have the same objectives as our core programmes of improving leadership qualities and behaviours.
## Alumni
All participants on our programmes are given the opportunity to continue their leadership development as alumni through a range of in-person and online activities.
- ¢ Society - by supporting our alumni to think more about responsible leadership and encourage them to use their leadership abilities to benefit society at large, either through or outside their organisations.
- ¢ Developing others - by mentoring andoutside empowethei **r** inor **g** anisations, others withinto orsupport their development and encourage their responsibility to wider society.
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TRUSTEES’ REPORT
## In 2024 we delivered...
open programmes and bespoke programmes for leaders, 10 alumni events for leaders, and Mentoring, Coaching and Working Group Support for 95 leaders.
## of participants rated our programmes as very good. excellent.
## WHO’S INVOLVED
All our activities are delivered by volunteer leaders who freely give their time and expertise as chairs, facilitators, and speakers. Most of those who volunteer for Windsor Leadership are alumni. This ensures that those who deliver our activities have first-hand experience of our unique experience-led methodology, and it provides them with an immediate opportunity to help develop the next generation of leaders. We also recruit professional coaches as volunteer facilitators because of their specialist skills.
## In 2024...
chairs, facilitators and Speakers gave to Windsor Leadership programmes and alumni events.
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TRUSTEES’ REPORT
## DIVERSITYAND INCLUSION
We believe that diversity and inclusivity within the learning environment greatly benefits leadership development.
In 2024 participants on our open and bespoke programmes were: 50% female and 44% male (6% unknown/ preferred not to say), 82% white British and 10% minority ethnic (8% unknown/ preferred not to say), which is recognised as being above the national average for . . diversity among leaders across allsectorsin
In terms of sectors, participants were froma wealth of differing organisations, including those in the Corporate, Public, Military, Education, Charity and Faith sectors.
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## BURSARY SUPPORT
Our development experiences are open todo notall. To preventensure participation,that financial webarriers rely on the generous donations of our Sponsors, Guardians, Advocates, Friends, and donors.
## In 2024...
idad we provide bursaries to the value of to participants from the charity, notfor-profit, and faith SECLONs.
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TRUSTEES’ REPORT
Bursary funding not only enables charity, not-for-profit and faith leaders to learn from the diverse range of like-minded participants, to strengthen their own leadership capabilities, but they in turn bring valuable learnings and insights into the programmes to the benefit of other sector leaders.
## Organisations we supported with bursaries in 2024 were:
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Anglican Diocese of London JDRF UK
Asylum and Human Rights Charity Lucy Faithful Foundation
Benefact Trust Naval Children's Charity
Ben's Centre for Vulnerable People Nuffield Farming Scholarships
Bristol Diocesan Board of Finance Plan International UK
Caerlow Trust Resurgo Trust
Caritas Internationalis Royal Aeronautical Society
Church of England Royal Opera House
Clergy Support Trust Savannah Wisdom
Coppafeel! Science Museum Group
Cystic Fibrosis Trust Sightsavers
Depaul International Teenage Cancer Trust
Diocese of Southwark The Chapter Office, Westminster Abbey
Exeter Diocesan Board of Finance The Charterhouse, London
FareShare The Office of the Bishop of London
Farmers Club Charitable Trust Tommy's
Florence Nightingale Foundation Trussell Trust
Forces Employment Charity University of Warwick
Greenwich Hospital Whizz Kidz
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TRUSTEES’ REPORT
## OPEN PROGRAMMES
In total, 270 leaders took part in our open programmes in 2024 and we increased the breadth of our work by introducing a Future Leaders Programme.
## Strategic Leaders Consultation
This programme allows the most senior leaders at the very peak of their careers to reflect on the four responsibilities of leadership and to consult on the key themes challenging their organisations. Topics discussed this year included the challenges and benefits of working with Gen Z, communication, tapping into purpose for younger people, and leaving a responsible legacy.
20 senior leaders 08 sectors
The calibre of leadership in the room was astounding and | benefited immensely from their sharing and willingness to offer constructive feedback and guidance.”
[brahim Mogra, Imam, Mogra Faith & Culture Consultancy Limited
## Experienced Leaders Programme
For those leaders who are operating at CEO or equivalent, this programme focuses on the difficult leadership challenges that come with ultimate responsibility.
## 41 senior leaders
## 08 sectors
In a crowded market of leadership courses, this is a gem. It’s tough but hugely rewarding.”
Sir lan Blatchford, Director and Chief Executive, Science Museum
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TRUSTEES’ REPORT
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## Developing Strategic Leaders Programme
This programme assists those progressing towards more senior leadership positions to develop their strategic thinking. It explores the wider demands of strategic leadership and considers how to facilitate and implement change.
58 senior leaders
O8 sectors
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Windsor shifted my thinking on and uplifted my ability to lead. I’m going to use the incredible conversations at Windsor to re-focus my efforts to deliver a fair and fast energy transition for the UK.”
Ben Whitelam, Director of Commercial, Noower
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TRUSTEES’ REPORT
## Emerging Strategic Leaders Programme
Senior operational leaders who have the potential, ability and ambition to reach strategic leadership positions can take part in this programme. It helps them to develop the wisdom and insight needed by those operating at the highest levels.
115 leaders
O&8 sectors | feel so lucky to have experienced this, it was so unique and almost magical in the speed with which | felt comfortable, accepted and supported, but also challenged. Thanks to the trust that the programme built right from the start, | was able to grow in ways | hadn't thought possible.”
Beth Nicholson, Senior Philanthropy Manager, Trussell
## Future Leaders Programme
This new programme is for senior managers who have been identified as highly talented individuals in their field and future leaders of their organisations. It explores the key responsibilities and qualities of a leader and introduces the importance of values-based leadership.
15 future leaders 07 sectors This programme was an enlightening journey, that inspired, empowered, and motivated me to become the best leader - and best version of myself - | can be.”
Natalie Stableford, Judicial & Stakeholder Engagement Manager, Ministry ofJustice
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## Women in Leadership
This programme, for female leaders operating at both operational and strategic levels, focuses on the specific challenges women face in leadership roles.
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My time at Windsor was an absolute honour. It’s given me a sense of true validation, hope and confidence that has quickly had wide ripple effects for my team, organisation, family and wider society.”
Laura Kelly, Senior Manager - Global Philanthropy, CDP
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## Strategic Development and Communications Manager, Ellen Macarthur Cancer Trust
## Background
## Fresh direction
The Ellen MacArthur Cancer Trust inspires Faced with a number of challenges challenges | was young people aged 8-24 to believe in a feeling very very conflicted about the the future brighter future living through and beyond shape and direction of my own my own own leadership cancer. Having been involved with this journey. On the programme it became inspirational organisation since 2005, and that as Communications Manager | needed been full-time as Communications Manager __ to transition transition into a more strategic role. But since 2020, it was our CEO, who'd been | was scared. Scared for myself and and for the the to Windsor five years previously, who organisation, as it was was such a massive step encouraged me to apply. up, and | wasn't convinced | was ready for for
Faced with a number of challenges challenges | was feeling very very conflicted about the the future shape and direction of my own my own own leadership journey. On the programme it became clear that as Communications Manager | needed to transition transition into a more strategic role. But | was scared. Scared for myself and and for the the organisation, as it was was such a massive step up, and | wasn't convinced | was ready for for it.
As his second pair of ears and eyes | need to understand how all the different parts of the organisation are connected in order to ensure they work effectively as a whole. My coming on the programme, coincided with a point at which some key decisions needed to be made, both personally and organisationally.
However, within two weeks of my Windsor experience I'd had the conversations I'd been putting off for months! Now that’s testament to the impact of the Windsor experience!
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Facing up to the challenge Essentially the programme experience released me to be the best version of The Ellen MacArthur Cancer Trust is 21 myself. It gave me the impetus to have years old and we've gone from working with the conversations that I'd been in conflict 10 young people in 2003 to a staggering with in my head for a long time. It brought 671 in 2024. We’re now on the precipice of real clarity of vision and purpose to my working with potentially 750 young people —_ direction of travel within my career, which by summer 2025. However, if we stick at will hopefully have a significant and lasting this we'll still only be providing for 1 in 10 effect on my organisation and the lives of young people with a cancer diagnosis inthe those we seek to serve. UK, and our vision far exceeds that!
In order to take the organisation to the next level and fulfil our dream of serving more children and young people, we need some clever strategic thinking. Looking at all the angles and ‘what ifs’ is my passion!
## Karenza Morton, Windsor Leadership Alumna
We currently have 20 staff and are now operating at the maximum capacity for what we can do as a team with our current resourcing. Everyone aged 8-24 we work with has had a cancer diagnosis so we have to run our under-18 trips during the school holidays, to ensure that they don't miss any more school.
Essentially that means we're limited to May half-term and in the summer holidays we have two bases on the Isle of Wight and in Scotland. We're constrained by the physical limitations of time and space at these venues and the number of days available. We need to increase capacity and think about clever ways we can do this within the constraints we have. That's essentially our gritty challenge!
Coming back from Windsor | had fresh clarity about the implementation of this exciting new vision. | sat down with our CEO and essentially shared my passion about the future, where | felt | could make the biggest difference in the organisation. And | received buy-in from them almost immediately.
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## BESPOKE PROGRAMMES
In 2024 we designed and delivered two bespoke programmes for infrastructure organisations to address specific leadership issues in their sectors.
## Institution for Civil Engineers
This programme enabled senior leaders from the civil engineering sector to explore the societal impact of their work, while balancing the UK’s infrastructure needs with the demands of government, shareholders, and the public. The programme helped to build networks and collaboration, with a focus on future leadership within the sector.
## 13 senior leaders
The Windsor Leadership Programme provides a unique environment to reflect on and understand your own leadership skills. | found it reaffirming, inspiring and exceedingly helpful.”
Peter Winnicott, Commercial and Procurement Director - SMP Alliance, Balfour Beatty
## Network Rail
Bringing together leaders from across Network Rail and other rail operators, this programme focussed on partnership working and collaborative leadership to meet the needs of a key aspect of the UK's transport infrastructure, both now and in the future.
## 17 senior leaders
The Windsor programme is a unique opportunity to reflect on your contribution as a leader in the Rail Industry surrounded by inspiring colleagues who quickly become an invaluable support network!”
Hannah Linford, Head of Advanced Timetable Analysis, Network Rail
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—
We also designed and delivered four bespoke programmes for faith based and community organisations.
## Mosaic
This programme welcomed 19 male and female, predominantly Sunni and Shi’i Muslims, as part of a broader national leadership programme for Muslim leaders in positions of authority within their faith communities. Participants focussed on self-development, growth, empowerment and collaboration with wider society.
19 senior leaders
|
An exceptional programme that was | delivered by outstanding faculty in a calm oasis, sparking open dialogue without judgement and promoting growth in our roles as leaders.”
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Faisal Ali, Alwaez, The Aga Khan Development Network
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## Faith Leaders Forum
This programme allowed Christian, Jewish and Muslim leaders to come together to discuss the collective challenges facing their communities at a time when racial tension was escalating across the country. It generated some very honest conversations about how each community felt about each other and how bridges could be built.
## 18 senior leaders
Thank you to Windsor Leadership for providing a space for faith leaders to speak what was previously unspeakable and to hear what was previously not being heard. It was a profound experience.”
Rabbi Shoshana Boyd Gelfand, Director of Leadership and Learning, Pears Foundation
## National Church Institutions (Church of England)
This programme brought together leaders from the central administrative bodies of the Church of England, all who are leading differing teams and specialisms. The objective was to give them the opportunity to reflect openly upon their own leadership with like-minded peers, as part of their ongoing leadership development.
## 15 leaders
The Windsor Leadership Programme created a unique space in which to have deep conversations with my peers - building a cohort who | know will support me on my leadership journey into the future.” Shannon Carr-Shand, Net Zero Carbon Programme Manager, Church of England Net Zero Carbon Programme
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TRUSTEES’ REPORT
od |
|
## Regional Community Forum
This unique programme, held in York, encouraged faith and civil society leaders to focus on local community challenges, and opportunities for leaders and influencers to address them collaboratively.
18 senior le leader >
} ; In nearly four decades of community lay leadership and work, the course provided me with a freedom to speak, an insight to learn and an ability to grow that few other experiences have.”
David Israel, Executive Director, Sinai Synagogue
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Director and Professor of Infrastructure Engineering and International Development, Bartlett School of Sustainable Construction, UCL
## Background
## Reaching higher
| participated in the Institution of Civil As it happens, they were very timely were very timely very timely timely Engineers (ICE) Developing Leaders questions, as when when | returned to work the the programme with Windsor Leadership. This Dean of the the Faculty invited me to continue brought together some of the top mindsin _in the post for another for another another six months. Six civil engineering and construction, with the — months later, the role was then was then then advertised aim of enabling and influencing leadership as a permanent position, and | was invited across the profession. to apply. This was something | would never
As it happens, they were very timely were very timely very timely timely questions, as when when | returned to work the the Dean of the the Faculty invited me to continue _in the post for another for another another six months. Six months later, the role was then was then then advertised as a permanent position, and | was invited to apply. This was something | would never have contemplated pre-Windsor, however my syndicate syndicate and facilitator had given me the confidence and and belief to to aim higher. Three years later I’m still in post and and lead over 100 staff and and 600 students.
The programme came at a perfect time, as! my syndicate syndicate and facilitator had given had just accepted a four-month leadership _ the confidence and and belief to to aim higher. position while a colleague was on sabbatical Three years later I’m still in post and and where| was looking into the big question over 100 staff and and 600 students. of values and culture in my organisation. At Windsor my syndicate listened to the Experiencing personal challenges | was facing, offered suggestions and questioned why| was only looking at The ICE programme with Windsor Windsor the job in the short-term. Leadership was was absolutely transformational
## Experiencing personal transformation
The ICE programme with Windsor Windsor Leadership was was absolutely transformational
23
TRUSTEES’ REPORT
for me. It provided a reflective space away from the day-to-day work environment, allowing me to engage deeply with peers facing similar challenges. The unique setting at Windsor facilitated this transformation, helping me to step back, reflect, and return with a renewed sense of purpose and confidence. When we met for the programme Part Two, | was more confident, far less hesitant and was owning my new role. There was a visible difference in my whole demeanour.
The Windsor Leadership programme curated by ICE was undoubtedly a turning point in my leadership journey, providing the tools, insights, and support needed to navigate and embrace a significant leadership role in civil engineering. The programme not only shaped my leadership journey but also provided lasting connections and a supportive network that continues to influence my professional life.
whole demeanour. 66 For me, a key takeaway from the The Windsor programme was the importance of values Lea d ersh ¢) and culture change across organisations. The topic was a common thread that ran Pp rogra mme has bee Nn through our conversations, and it gave : me fresh impetus and energy to ensure | tra n Sto rm atl Ona | focussedSe edeon making my department even for me. It enabled The programme also emphasised how me to grow into my empatheticbut how it can leadershipalso allowis good for toughleadership,decisions leadershi; pb ro le.” to be made, and this is something I've been trying to show within my leadership. Priti Parikh, A key part of this has been investing time Windsor Leadership Alumna and energy in onboarding new colleagues and sharing our vision and strategy with the wider team, because when colleagues understand, adopt and own the vision, they are more willing to take things forward.
## Impact of the programme
Since the programme my professional responsibilities have expanded significantly, | now oversee a department of 100 staff and 600 students, am serving as a Trustee on the Institution of Civil Engineers and have positions on two other Boards.
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## ALUMNI EVENTS IN 2024
## Virtual Fireside Chats
Workshops We ran our first Virtual Fireside Chat, designed to allow participants to float in and Our one-day workshops allow alumni to out of virtual discussion rooms and to focus discuss communal challenges in plenary and _0n the topics of their choice. The pilot went small group syndicates. Experts in the field, | SO well that we are running several events in alongside our own alumni leaders offer 2025 focussing on value-centred leadership, invaluable speaker sessions. Principally leaders’ wellbeing and intergenerational aimed at alumni, we also welcomed people _ leadership. new to Windsor Leadership as a way of introducing them to the Windsor style of Additional_. Opportunities. development. Themes this year included:
- Hybrid Leadership: Avoiding Burnout
- * Embracing Change: Leading Gen Z * Value-Centred Leadership * When Trust in Leadership is Rocked
## Webinars
Other extended learning opportunities are provided by our Working Groups - ongoing learning groups that meet four times a year with like-minded senior peers, Coaching Scheme - offered by Windsor Leadership’s own professional coaches, and Mentoring - free mentoring offered by our senior alumni to support the next generation of leaders.
We welcomed several keynote speakers onto our webinars, each offering extended learning to our alumni. Speakers included:
- Vijaya Nath, Higher Education and Health
- Dame Katherine Grainger DBE, Sport
- * Andy Pike OBE, Government
- Bill Wright CBE, Military and Corporate
- Luqman Ali, Arts and Faith
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TRUSTEES’ REPORT
## 30 YEARS OF THE WINDSOR WAY
In anticipation of our 30th anniversary in 2025 we published our first book in November. ‘Inspire, Discover, Transform’ curated by Alan Coppin, a Fellow of Windsor Leadership, contains leadership reflections from 50 senior leaders, who are all Windsor Leadership alumni.
We believe that this book will serve as a timeless resource, not only for the Windsor Leadership alumni community but for all _ leaders. As well as being a valuable resource —_for leaders and aspiring leaders, ‘Inspire, Discover, Transform’ testifies to the longterm impact of Windsor Leadership:
Each dynamic contributor peels back the 64 layers of complexity involved in being an In 2007 | came on my authentic leader, exploring the common first Windsor Leadership values that have shaped them into the p df th people they have become. As our Patron, rOgramme, an COTE ere Vice Admiral Sir Tim Laurence says, ‘They got the glimmer of an idea that have bared their souls in commendably there is a different way to work, honest fashion’ - providing rare insights. a different way to lead, and, The book also contains contributors’ also contains contributors’ contains contributors’ contributors’ critically, more purposefully.” theyfavourite haveleadershipreceivedfavourite haveleadershipreceived haveleadershipreceivedleadershipreceivedreceived inquotes,their careerthequotes,their careerthetheir careerthe careerthethe best andadvice andadviceadvice Hetti. Barkworth-Nanton CBE what guidance they guidance they they might have given have given given their © CEO of Ploughshare and Chair of Refuge
The book also contains contributors’ also contains contributors’ contains contributors’ contributors’ theyfavourite haveleadershipreceivedfavourite haveleadershipreceived haveleadershipreceivedleadershipreceivedreceived inquotes,their careerthequotes,their careerthetheir careerthe careerthethe best andadvice andadviceadvice what guidance they guidance they they might have given have given given their younger selves.
We also asked which words words they most associated with great leadership leadership and reflect on how ‘Courage’ has made wayfor ‘Empathy’ as the number one word. one word. word.
which words words they most sc . . . with great leadership leadership and I've seen the incredible impact on how ‘Courage’ has made wayfor how ‘Courage’ has made wayfor ‘Courage’ has made wayfor has made wayfor made wayfor wayfor — the ‘Windsor Way’ can have by as the the number one word. one word. word. convening such diverse leaders and unleashing confidence, uf Boiy potential and unlocking es,” profound conversations which a astonish even the most wellINSPIRE established leaders.” cov[ER] Non-ExecutiveDameMinistry Alisonof Housing, NimmoDirector, DBECommunities Board of theand Executive of the Crown Estate TRANSTO Local Government, and former Chief cHE WINDSOR WAY ALAN COPPIN
26
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Windsor Leadership exists “To advance education for the public benefit, but not exclusively, by the holding of conferences without territorial restriction where men and women holding positions of responsibility in various areas of society, such as industry, commerce, the professions, faith, politics, education, science, the services and the arts, can come together to explore possibilities and develop their ideas while taking into account the spiritual dimension in material affairs. Windsor Leadership focuses on facilitated learning and challenging leaders to think about key elements of leadership at the heart of business and society today”.
## gatherings. All Trustees have
participated in a programme, and most have _ either chaired, facilitated or spoken on a programme. This keeps the Board close to our core work.
The Chair of the Board of Trustees meets regularly with the CEO, and staff and Trustees meet at an annual gathering after the AGM. The Board of Trustees, which can be no less than three in number, remained at nine or ten in number throughout the year. In February, we welcomed Shabir Randeree CBE, Chairman of DCD Group, Prince's Trust International, and Woolf Institute, Cambridge, to the board. In December, we said good bye to Dame Ruth Cairnie DBE, Chair of Babcock International. Ruth left the board with our heartfelt thanks for all of her her contributions throughout throughout her tenure.
We are governed by a Board of Trustees _ for all of her her contributions throughout throughout her which meets four times a year and tenure. includes a strategy day and an Annual General Meeting (AGM). The Board The Nominations Committee is responsible supports the formal dinners held at the for Trustee Trustee recruitment processes. Chaired end of each Emerging Strategic Leaders by Helen Boaden, at the the start of the the year, Programme, and is represented at our committee consisted of Sir Sir Matthew annual alumni and chairs and facilitators
The Nominations Committee is responsible for Trustee Trustee recruitment processes. Chaired by Helen Boaden, at the the start of the the year, the committee consisted of Sir Sir Matthew Rycroft,
37
TRUSTEES’ REPORT
Dame Martina Milburn and Jonathan for their professionalism and commitment Story, CEO. Its remit is to monitor the to delivering high quality leadership skills matrix to ensure a diversity of sector development. Trustees are also grateful to and experiences across the board and to all who volunteer for Windsor for Windsor Windsor Leadership, review and implement trustee recruitment. without whom whom the charity would would not be Prospective Trustees meet the Chair and, to deliver its programme of activities. activities. separately, at least one other committee member for formal assessment. Those TRUSTEES recommended by the committee are proposed to the full board for approval The Trustees who served during the year before being invited to join the board. and up to the date of approval of these Other Trustees are welcome to meet and financial statements, and who were also comment on prospective candidates at any —qiractors for the purpose of Company Law, stage of the process. were:
for their professionalism and commitment to delivering high quality leadership development. Trustees are also grateful to all who volunteer for Windsor for Windsor Windsor Leadership, without whom whom the charity would would not be able to deliver its programme of activities. activities.
New Trustees may join the board at any stage of the year and all appointments are ratified at the AGM. On their appointment, new Trustees are briefed by the Chair and receive information from the Company Secretary (CEO) about their legal responsibilities and their role in the governance of Windsor Leadership.
- © Helen Boaden - Chair * Mark Hews - Treasurer * Nigel Benwell - Chair of CAFE - Ruth Cairnie (until Dec 2024) David Gregson * Dame Martina Milburn DCVO CBE * Vijaya Nath - Shabir Randeree (joined Feb 2024) * Sir Matthew Rycroft KCMG CBE * Major-General (retired) Bill Wright CBE * Company Secretary: Jonathan Story, CEO
; The Trustees review and update the Risk Register throughout the year, and confirm it constitutes a thorough register of the risks associated with Windsor Leadership’s operations and the actions required to mitigate such risks. Together with the Senior Leadership Team (SLT), Trustees regularly monitor the risk exposure of the charity and ensure appropriate action is taken. The SLT also regularly reviews the risk register.
Going into 2025, the Trustees confirm, to the best of their knowledge, that there are no pending or on-going complaints being held against Windsor Leadership.
## STAFF AND VOLUNTEERS
Trustees are once again delighted with staff performance under the leadership of the CEO, Jonathan Story, and are grateful
28
TRUSTEES’ REPORT
## FUNDS
,
Most of the charity's income (84%) is derived from programme participant fees. Our Alumni Professional Development contributes 8% of income through participant fees for Workshops, Working Groups, and Coaching. A further 6% of total income, directed towards our bursary fund is provided by our organisational sponsors (who contribute between £1,000 and £50,000 annually), and regular individual donors.
Our majority fee-paying business model ensures we have sufficient funds to run our programmes, and together with sponsorship and donation income, this enables us to fund bursaries and occasional projects. Bursary funding enables leaders from charity, education, faith and civil society sectors to take part in our programmes, bringing valuable leadership insights and challenges into the learning experience alongside those from the public and corporate sectors. These two income streams provide financial security, and we do not anticipate any challenges to them in 2025.
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FINANCIAL REVIEW 2024
Our total income in 2024 was £1.67m
{2023: £1.54m), an increase of 886
compared to the previous year. Our total
expenditure was £1.52m {2023.. £1.40m),
an increase of 8.7% compared to the
previou5 year. This resulted in an overall
surplus for the year of £143k (2023:
£142k) increasing total reserves to £830k
(2023.. £687k).
available to all sectors of society and in 2024.
we offered £188k of bursary support from
income generated from charitable activities.
We are grateful for the generosity of donors
and sponsors who contributed a further
£103k12023.' £128k) to this fund enabling us
to assist 107 participants this year.
Interest from cash invested in short term
deposit accounts contributed £31 k12023'. 20k)
towards income.
Attendance on our open programmes
was in line with expectations and the
introduction of a new Future Leaders
programme to our portfolio contributed
to this success. Bespoke programmes and
academy income generated from Working
Groups, Coaching and Workshops held
in the year ensured that overall revenue
generated from charitable activities was
9.8% higher than in the previous year.
Income from charitable activities formed
92% of total income (2023.. 90%).
Total expenditure for the year increased by
8.796 to £1.52m {2023: 1.40m} with anticipated
inflationary increases on venue and staff
costs. In 2024, as part of our ongoing
commitment to foster stronger communities
and reduce social inequalities, Windsor
Leadership funded some Faith Leader
Forums and to further enrich the invaluable
voluntary services provided by chairs,
facilitators and Speakers, Windsor Leadership
funded three training and briefing events at
an annual cost of £21 k {2023: £15kl.
Windsor Leadership continues to ensure
that access to our programmes is
30
TRUSTEES. REPORT
One of the objectives Set for 2024
included making the best use of our
resources by improving our database
and ensuring compliance. We engaged
an external consultant to review our
systems and recommend improvements
which are currently being implemented.
This investment of £41 k will ensure that
Windsor Leadership has accurate and
reliable data for compliance, impact
reporting, modelling and insights.
protert the charity against shortfalls of future
income. The Trustees have a reasonable
expectation that the charity will be able
to continue in operation and meet its
liabilities as theyfall due over the period
of their assessment. Windsor Leadership
will continue to build Its reserve base a5 a
strategic objective.
Designated funds in the year were
used mainly to support the attendance
of senior nurses from the Florence
Nightingale Foundation. At the end of
2024. the Trustees agreed to transfer
£61 k to Designated Funds to support 30th
Anniversary events and improvements
in operational efficiencies. The level of
Designated Funds reported at year end
increased to £230k (2023: £174k).
Windsor Leadership has a risk
management policy designed to identify
and assess key strategic and operational
risks facing the charity,. financial stability
is one such risk. The Trustees have
reviewed the financial cashflow position
of the charity for the next 18 months in
combination with robust future planning.
Unrestricted reserves of £598k represents
8 months of operating capital required to
TRUSTEES. REPORT
AUDIT
Disclosure of Information to Auditor
Each of the Trustees has confirmed that there is no information of which they are aware
which is relevant to the audit, but of which the auditor is unaware. They have further
confirmed that they have taken appropriate steps to identify such relevant information
and to establish that the auditor is aware of such information.
Auditor
Hazlewoods LLP was auditor to the charity during the year and in accordance with section
485 of the Companies Act 2006, a resolution proposing that the firm be re-appointed will
be put to the Annual General Meeting in 2025.
Signed. on behalf of the Board of Trustees
Ms Helen Boaden (
Date..
,/6/2r
Mr Mark Hews
Date..
32
STATEMENT OF TRUSTEES, RESPONSIBILITIES
For the Year Ended 31 December 2024
The Trustees, who are also the dirertors of The Windsor Leadership Trust for the
purpose of company law, are responsible for preparing the Trustees, Report and the
financial statement5 in accordance with applicable law and United Kingdom Accounting
Standards {United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial
year which give a true and fair view of the state of affairs of the charity and of the
incoming resources and application of resources, including the income and
expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
select suitable accounting policies and then apply them consistently:
observe the methods and principles in the Charities SORP,.
make judgements and estimates that are reasonable and prudent and
prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose
with reasonable accuracy at any time the financial position of the charity and enable
them to ensure that the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the charity and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
33
INDEPENDENT AUDITOR'S REPORT
To the Members of the Windsor Leadership Trust
Opinion
We have audited the financial statements of The Windsor Leadership Trust (the'charity)
for the year ended 31 December 2024 which comprise the statement of financial
activities, the balance sheet, the statement of cash flows and the notes to the financial
statements, including a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and
United Kingdom Accounting Standards, including Financial Reporting Standard 102. the
Financial Reporting Standard applicable in the UK and Republic of Ireland (United
Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the charitable company's affairs as at
31 December 2024 and of its incoming resources and application of resources,
including its income and expenditure, for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally
Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act
2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK)
(ISAS (UKII and applicable law. Our responsibilities under those standards are further
described in the Auditor's responsibilities for the audit of the financial statements
section of our report. We are independent of the charity in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK,
including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees, use of the
going concern basis of accounting in the preparation of the financial statements is
appropriate,
Based on the work we have performed, we have not identified any material
uncertainties relating to events or conditions that, individually or collectively, may cast
significant doubt on the charitys ability to continue as a going concern for a period of at
least twelve months from when the financial Statements are authorised for issue.
34
Our responsibilities and the responsibilities of the Trustees with respect to going
concern are described in the relevant sections of this report.
Other information
The other information comprise5 the information included in the annual report other
than the financial statements and our auditor's report thereon. The Trustees are
responsible for the other information contained within the annual report. Our opinion
on the financial statements does not cover the other information and, except to the
extent otherwise explicitly stated in our report. we do not express any form of
assurance conclusion thereon. Our responsibility is to read the other information and,
in doing so, consider whether the other information is materially incon5iStent with the
financial statements or our knowledge obtained in the course of the audit, or otherwise
appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements. we are required to determine whether this gives rise
to a material misstatement in the financial statements themselves. If, based on the work
we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Trustees, report, which includes the directors, report
prepared for the purposes of company law, for the financial year for which the
financial statements are prepared is consistent with the financial statements,,
and
the direttors, report included within the Trustees, report has been prepared in
accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment
obtained in the course of the audit, we have not identified material misstatements in
the directors, report included within the Trustees, report.
We have nothing to report in respect of the following matters in relation to which the
Companies Act 2006 requires us to reportto you if, in our opinion:
adequate accounting records have not been kept. or returns adequate for our
audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and
returns,. or
certain disclosures of Trustees, remuneration specified by law are not made; or
we have not received all the information and explanations we require for our
audit or
35
the Trustees were not entitled to prepare the financial statements in accordance
with the small companies regime and take advantage of the small companies,
exemptions in preparing the Trustees, report and from the requirement to
prepare a strategic report.
Responsibilities of Trustees
As explained more fully in the statement of Trustees, responsibilities, the Trustees, who
are also the directors of the charity for the purpose of company law. are responsible for
the preparation of the financial statements and for being satisfied that they give a true
and fair view, and for such internal control as the Trustees determine is necessary to
enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error. In preparing the financial statements, the
Trustees are responsible for assessing the charitys ability to continue as a going
concern, disclosing, as applicable. matters related to going concern and using the going
concern basis of accounting unless the Trustees either intend to liquidate the charitable
company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor's report that includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a material misstatement when it exists,
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and
regulations. We design procedures in line with our responsibilities, outlined above, to
detect material misstatements in respect of irregularities. including fraud. The extent to
which our procedures are capable of detecting irregularities, including fraud, is detailed
below.
36
As part of our planning process:
We enquired of management the systems and controls the charity had in place,
the areas of the financial statements that are most susceptible to the risk of
irregularities and fraud, and whether there was any known, suspected or alleged
fraud. The charity did not inform us of any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory framework applicable
to the charity. We determined that the following were most relevant: the Charity
SORP, FRS 102, Charities Act 2011, Companies Act 2006.
We considered the incentives and opportunities that exist in the charity,
including the extent of management bias, which present a potential for
irregularities and fraud to be perpetuated, and tailored our risk assessment
accordingly.
Using our knowledge of the charity, together with the discussions held with the
charity at the planning stage, we formed a conclusion on the risk of
misstatement due to irregularities including fraud and tailored our procedures
according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the
course of the audit included:
Identifying and testingjournal entries and the overall accounting records, in
particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether
accounting policies have been appropriately applied.
Assessing the extent of compliance, or lack of, with the relevant laws and
regulations.
Testing key income lines, in particular cut-off, for evidence of management bias.
Obtaining third party confirmation of material bank balances.
Documenting and verifying all significant related party transattion.
Reviewing documentation such as the charity board minutes for discussion of
irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may
not have detected some material misstatement in the financial statements even though
we have properly planned and performed our audit in accordance with auditing
standards. The primary responsibility for the prevention and detection of irregularities
and fraud rests with the Trustees of the charity.
A further description of our responsibilities is available on the Financial Reporting
Council's website at: https.'/lwww.frc.org.uklauditorsresponsibilities. This description
forms part of our auditor's report.
37
Use of our report
This report is made solely to the charitable company's members, as a body, in
accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has
been undertaken so that we might state to the charitable company's members those
matters we are required to state to them in an auditors, report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the charitable company and the charitable
companys members as a body, for our audit work, for this report, or for the opinions
we have formed.
Signattire...........................................................................
2510612025
Scott Lawrence FCA DChA (Partner)
For and on behalf of Hazlewoods LLP
Chartered Accountants
Staverton Court
Staverton
Cheltenham
GL51 OUX
United Kingdon
38
THE WINDSOR LEADERSHIP TRUSTSTATEMENT OF
FINANCIAL ACTIVITIES
Including Income and Expenditure Accounts
FOR THE YEAR ENDED 31 DECEMBER 2024
Unrertrlcted
Funds
2024
Restrlcted
Funds
2024
Deslgnated
Fund5
2024
Total
Total
2024
2023
Notes
Donations and Legacies
Charitable Activities
Interest and Investments
53,410
1,531,527
30,794
50,000
103A10
1,531.527
30,794
127,775
1,394,485
20,249
Total Income
1,615,731
50.000
1,665,731
1,542.509
Raising Funds
48.683
48,683
48,982
Charitable Activities
l A12.389
56.193
5,155
1.473.737
1,350,909
Total resources expended
1 A61.072
56,193
5.155
1,522.420
1,399,890
Net gainslllosse51 on
investments
15501
Net Income before transfer
154.659
16.1931
15,1 $51
143,311
142,068
Transfers between funds
160,9191
60,919
Net movement In funds
93.740
16.1931
55.764
143,311
142.068
Fund Balances at
ljanuary 2024
504,593
8.193
174.236
687.022
544.954
Fund Balances at
31 December 2024
598,333
2,000
230.000
830.333
687,022
The statement of financial attivities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities a150 complies with the requirements for an Income
and Expenditure account under the Companies Act 2006.
39
THE WINDSOR LEADERSHIP TRUST BALANCE SHEET
AS AT 31" DECEMBER 2024
2024
2024
2023
2023
Notes
Fixed assets
Tangible Assets
12
9,373
5,013
Current Assets
Debtors
Cash in bank and in hand
13
3QO,980
1,550,372
237.044
1,363,321
1,851,352
1,600,365
Credltors: amounts falllng due wlthln one
year
11.030,3921
1918,3561
Net current assets
820,960
682,009
Total Assets less current liabllitles
830,333
687.022
Incomefunds
Unrestricted Fund5
Restricted Funds
DeSIgtea Funds
598.333
2,000
230,000
504,593
8,193
174,236
830,333
687.022
The financial statements were approved by the Trustees on ......
Helen Boaden
Trustee
Company Registration No 03034557
40
THE WINDSOR LEADERSHIP TRUST STATEMENT OF
CASH FLOWS
FOR THE YEAR ENDED 31" DECEMBER 2024
2024
2024
2023
2023
Notes
Cash flowsfrom operatlng artivities
Cash generated from operating artNities
21
165,739
245,207
Investlng Actlvities
(Purchase) of tsngible fixed asset5
(Purchase) of Investments
Interest & Investment income received
12
19,4821
15,1241
11,1031
20,249
30,794
21,312
14,022
Net Increase in cash and cash
equivalents
187,051
259,229
Cash and cash equivalents at beginning of year
1,363,321
1,104,092
Cash and cash equlvalents at end of year
1,550,372
1,363.321
41
THE WINDSOR LEADERSHIP TRUST NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31" DECEMBER 2024
Accounting Policies
Charity Information
The Windsor Leadership Trust is a private company limited by guarantee
incorporated in England and Wales. The registered office is 120-125, Peascod
Street, Windsor, SL4 1 DP.
1.1 Accounting Convention
The financial statements have been prepared in accordance with the charities
Memorandum and Articles of Association, the Companies Act 2006 and
"Accounting and Reporting by Charites: Statement of Recommended Prattice
applicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021
(effective 1"January 2019)" The charity is a Public Benefit Entity as defined by
FRS 102.
The financial statements are prepared in sterling, which is the funrtional
currency of the charity. Monetary amounts in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost
convention, modified to include certain financial instruments at fair value. The
principal accounting policies are set out below.
1.2 Going Concern
The Trustees are satisfied that sufficient cash and reserves are available to meet
the operational requirements of the charity in 2025 and that the charity is able to
withstand any unforeseen financial risks or events that might reasonably
crystalise within 18 months of signing these accounts.
Thus, the Trustees continue to adopt the going concern basis of accounting in
preparing the financial statements.
1.3 Charitable Funds
Unrestrirted funds are available for use at the discretion of the Trustees in
furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may
be used. The purpose and uses of the restricted funds are set out in the notes to
the financial statements.
42
1.4 Income
Income is recognised when the charity is legally entitled to it after any
performance conditions have been met, the amounts can be measured reliably,
and it is probable that income will be received.
Voluntary income is included in the statements of financial activities where the
charity is entitled to the income, and the amount can be quantified with
reasonable accuracy.
Deferred income relates to income received towards leadership courses where a
sum is received in advance of the course being held and the sum is refundable
subject to our terms and condition.
The value of services provided by alumni volunteers. has not been included in
these financial statements. The charity relies on volunteers to support and
deliver all programmes and events based on requirement, availability, and
experience. These factors, together with the lack of market comparator prices for
the invaluable services volunteers provide, makes it impractical for their
contribution to be measured reliably for accounting purposes.
Interest on funds held on deposit is included when receivable and the amount
can be measured reliably by the charity: this is normally on notification of the
interest paid or payable by the Bank.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make
a payment to a third party, it is probable that settlement will be required, and
the amount of the obligation can be measured reliably.
Expenditure is classified under the following activity headings..
Cost of raising funds comprise the cost of attracting voluntary income and
the cost of fundraising
Expenditure on charitable activities includes the cost of the delivery of the
activities and services for its beneficiaries
Other expenditure represents those items not falling into any other
heading.
Irrecoverable VAT is charged as a cost against the artivity for which the
expenditure was incurred.
1.6 Tangible Fixed Assets
Tangible fixed assets are measured at cost, net of depreciation and any
impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual
values overtheir useful lives on the following bas15'.
Fixtures. fittings and equipment
30-50% straight line
43
The gain or loss arising from the disposal of the asset is determined a5 the
difference between the sale proceeds and the carrying value of the asset and is
recognised in net income/{expenditurel for the year.
During the year, all computer equipment that was obsolete and had no residual
value, was securely destroyed and fixed asset values were restated for 2023. The
net book values for 2023 remain unchanged.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand and other short-term liquid
investments with original maturities of twelve months or less.
1.8 Financial Instruments
The Trust disposed of its investment holding in 2023.
1.9 Employee Benefits
The cost of any unused holiday entitlement is recognised in the period in which
the employee's services are received.
Termination benefits are recognised immediately as an expense when the
charity is demonstrably committed to terminate the employment of an employee
or to provide termination benefits.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an
expense as they fall due.
Critical accounting estimates and judgements
In the application of the charities accounting policies, the Trustees are required
to make judgements, estimates and assumptions about the carrying amount of
assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and
other fattors that are considered to be relevant. Actual results may differ from
these values.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised where the revision affects only that period, or in the period of
the revision and future periods where the revision affects both current and
future periods.
Donations and Legacies
Unrestricted
Funds
2024
Restricted
Funds
2024
Unrestricted
Funds
2023
Total
2024
Donations and Sponsor5
53,410
50,000
103,410
127,775
53,410
50,000
103,410
127,775
4. Charitable Activities
Unrestricted
Funds
2024
Unrestricted
Funds
2023
Core programmes
Bespoke Programmes
Leadership Academy
1,158,711
245,573
127,243
1,531,527
1,052,933
214,452
127,100
1,394,485
I nvestments & I nterest Receivable
Unrestricted
Funds
2024
Unrestricted
Funds
2023
Income from listed investments
Interest Receivable
1,103
19,146
20,249
30,794
30,794
6. Raising Funds
Unre5trlcted
Funds
2024
Unrestricted
Funds
2023
Fundraising and Publicity
Staff Costs
48,683
48,683
48,982
48,982
45
7. Charitable Activities
2024
2023
staff Costs
Depreciation and Impairment
Course Costs
Events and working groups
Bad Debt written off
689,796
5,122
499,951
97,195
641,308
1,892
417,172
109,221
1,292,064
1,169,593
Share of support costs ( see note 81
Share of governance costs I see note 81
169,754
11,919
164,633
16,683
1,473,737
1,350,909
Analysls by fund:
Unrestricted Fund5
Restricted Funds
1,417,544
56,193
1,309,102
41,807
1,473,737
1,350,909
8. Support Costs
Gov¢m•n¢•
Costs
fjovernance
Costs
SuPrt Costs
2024
Supportctssts
2023
Recruitmenrand Training
Rentand Utilitie5
24,105
34,915
35.207
75,527
24,105
34,915
35,207
75.527
29.355
43,190
35.605
56.483
29,355
43,190
35,605
56,483
Other 5UPPOrtcosts
Audit Fee5
14,430
14.430
13,736
2.947
13,736
2.947
Legal and professional
Q.5111
169.754
181,673
164.633
16,683
181,316
Analysed betyveen
Charltable athvities
169.754
11,919
181,673
164.633
16,683
181,316
Governance costs include audit fees of £14.430 (2023: £13,736)
Trustees
None of the Trustees (or any persons connected with them) received any remuneration
or benefits from the charity during the year.
46
10. Employees
The average monthly number of employees during the year were:
2024
Number
2023
Number
Leadership Programmes
Fundraising and Publicity
Total
12
Employment Costs
2024
2023
Wages and Salaries
Social Security Costs
Other pension costs
641,992
67,804
28,683
598,460
64.759
27,071
738,479
690,290
The number of employees whose annual renumeration fell within the following bands
were:
2024
2023
£60,000-£69,999
£70,000479,999
£140.000-£149,999
£150,0004159,999
Key management personnel comprise of the Chief Executive Officer and the Senior
Leadership Team. Remuneration and benefits relating to key management personnel
were £340,527 (2023.. £345,189).
11. Net gains/(losses) on investments
Unrestrlcted
Funds
2024
Unrestricted
Funds
2023
Revaluation of investments
{5501
47
12. Tangible Fixed Assets
Fixtures. fittings and equipment
2024
2023
Restated
Cost
At1 january 2024
Additions
7.973
9,482
2,849
5,124
At 31 December 2024
17,455
7,973
Depreclatlon and Impalrment
Al 1 January 2024
Depreciation charged in the year
At 31 December 2024
2,960
5,122
8,082
1,068
1,892
2,960
CarrylngAmount
At 31 December 2024
9.373
At 31 December 2023
5,013
Computer equipment that was obsolete and had no residual value at the end of 2023,
was securely destroyed and fixed asset values were restated for 2023. The net book
values for 2023 remain unchanged.
13. Debtors
2024
2023
Amountsfalllng due withln one year
Trade Debtors
Prepayments and accrued income
264,630
36,350
300,980
195,724
41,320
237,044
48
14. Creditors
2024
2023
Notes
Amountsfalllng due within
oneyear
Other taxation and social security
Deferred Income
Trade creditors
Other creditors
Accruals
27,563
891,886
7,873
40,111
62,959
1,030,392
37,703
779,818
12,407
32,236
56,192
918,356
15
15. Deferred Income
2024
2023
Deferred income
891.886
779,818
Deferred Income brought forward was £779,818 and most of this was released in 2024.
In 2024, the deferred income was £891,886 and this amount is carried forward. The
deferred income balance relates to prepaid courses taking place in 2025. Deferred
income from donations brought forward in 2024 of £12,007 were used to sponsor two
participants on core programmes.
16. Restricted Funds
The income funds of the charity include restricted funds comprising the following
unexpended balances of donations held on trust for specific purposes:
Movement In Funds
Balance at
1 stjan 2024
Incoming
Resources
Resources
Balance at
Expended 31 Dec 2024
2023
Benefact Group
8,193
50,000
56,193
2,000
8,193
49
17. Designated Funds
The Trustees have set aside a designated fund of £230,000 (2023.. £174,236) to be used
to fund bursaries, charitable and investments attivity in future years.
2024
2023
Balance at 1 January 2024
Transfers between funds
Resource5 expended
Balance at 31 December 2024
174,236
60,919
15,1551
230,000
139,000
58,675
123,4391
174,236
18. Analysis of net assets between funds
Unrestrlcted
Funds
2024
Restricted
Funds
2024
Deslgnated
Funds
2024
Total
Total
2024
2023
December are represented
by..
Tangible Assets
Current assetsllliabilitiesl
9.373
588.960
598.333
9.373
820.960
830.333
5,013
682.D09
687.022
2,000
2,000
230.000
230.000
19. Operating lease commitments
At the year end, the charity had outstanding commitments for future minimum lease
payments under non-cancellable operating leases. which fall due as follows.,
2024
2023
Within one year
Between two and five years
28,800
92,448
29,640
24,000
121,248
53,640
20. Related party transactions
In 2024, Benefact Trust donated £50,000 to be used to sponsor Christian participants
attending courses. The balance of these funds £2,000 (2023: £8,193) will be used in 2025
and are reported within restritted funds.
Mark Hews, Trustee, is CEO of Benefact Group.
50
21. Cash generated from operations
2024
2023
Surplus for the year
143,311
142,068
Adjustments for..
Depreciation and impairment of tangible fixed assets
5,122
1,892
Investing activities..
Investment Income recogni5ed in statement of financial activities
Proceeds from the disposal of investment bonds
Fair value gains and losses on investments
130,7941
{20,249)
50,147
550
Movements in working capital
(Increasel/decrease in debtors
Increase/ (decrease) in creditors
(Decreasell Increase in deferred income
163,9361
1321
112,068
82,945
162,6781
50.532
Cash generated from operatlons
165,739
245,207
22. Analysis of changes in net funds
The charity had no debt during the year.
51
windsorleadership.org.uk
Windsor Leadership | 120-125 Peascod Street | Windsor | Berkshire | SL4 1 DP.
The Windsor Leadership Trust is a registered charity (No.1048589) and a company
limited by guarantee (No. 030345571 in England and Wales.
IINDSOR
LEADERSHIP
ILSRE | OISCP'IFA |